Transportation
Healthcare/Hospital
Special Tax
IDR/PCR
Education
GO Local
Lease
GO State
Water & Sewer
Power
Pre-Refunded
Housing
Insured
Resource Recovery
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 01/30/2015

State Assets
CA 19.6%
NY 13.6%
TX 7.9%
PA 5.0%
NJ 4.9%
IL 4.3%
FL 4.2%
GA 3.7%
IN 3.5%
OH 3.3%
AZ 2.8%
Puerto Rico 2.4%
MI 2.4%
MA 2.3%
MD 1.7%
WA 1.6%
LA 1.2%
VA 1.2%
CT 1.1%
HI 1.1%
KY 1.1%
CO 1.1%
AL 0.9%
NE 0.9%
SC 0.8%
NC 0.8%
MO 0.8%
ME 0.7%
Other U.S. Territories 0.7%
DC 0.6%
OK 0.6%
DE 0.6%
AR 0.6%
IA 0.5%
MN 0.4%
TN 0.3%
ND 0.3%
NV 0.2%
OR 0.1%
SD 0.1%
WV 0.1%

Portfolio Details as of 01/30/2015

Total Net Assets
$1.84 B
Number of Holdings
446
Average Coupon
5.4%
Average Effective Maturity
16.9 Years
Effective Duration
6.92 Years

Credit Quality Distribution as of 01/30/2015

A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2014

  • Our primary focus has been to overweight bonds in the 10- to 25-year maturity range relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential within that maturity range.
  • The portfolio continues to maintain an overweight to revenue bonds, including special tax-backed and industrial revenue bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio continues to maintain an overweight to lower-rated bonds owing to attractive credit spreads and solid underlying credit quality.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
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